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Publish Date : 15-Sep-2017

IFC, a member of the World Bank Group, agreed to make an equity investment in the Procaps Group, a leading Colombia-based pharmaceutical company, to support its expansion to new markets and promote access to affordable pharmaceuticals and healthcare products in Colombia and other Latin American countries.

Procaps is a leading manufacturer of high-quality medicines with activities ranging from product development to pharmaceutical production and distribution in several countries throughout Latin America, including Colombia, Brazil and El Salvador. The Procaps Groups strength lies in its ability to leverage its significant expertise in softgel capsule technologies to develop and manufacture pharmaceutical products, including generics. Its Colombian facilities are the first to be approved by the US-FDA in Latin America.

Softgel capsules are an advanced delivery system that allows for wider formulations, precise dosage, and stability of formulations. In addition, since softgel capsules require specialized manufacturing technologies, they cannot be easily counterfeited.

IFC funding will help the company increase access to quality affordable products through increasing production capacity and efficiency of its manufacturing plants, acquiring new brands and increasing the Groups M&A headroom.

We are extremely pleased to have IFC as a partner in Procaps, said Ruben Minski, president of Procaps. This partnership with IFC will help us increase our production of quality and affordable products across the region and expand our reach to even more patients in the region, he said.

IFCs investment seeks to improve access to quality affordable pharmaceutical products, which remains a challenge across Latin America, including in Colombia. Quality generics are often difficult to access or unavailable, and inefficient supply chains are further driving up costs for both patented and generic products.

This support for a leading pharmaceutical company such as Procaps will improve access to high quality affordable medicine and demonstrates IFCs capacity to invest in and partner with private companies that are driving the economic development of Colombia and the region, said Carlos Pinto, IFCs manager for the Andean region.

The investment fits within IFCs broader strategy of improving the supply of high-quality medical products in developing countries by helping manufacturers and distributors grow and enter new markets. IFC is the worlds largest multilateral investor in private healthcare, managing an active portfolio of about $1.3 billion worth of health investments. IFC investments in service providers, pharmaceuticals and medical technology are aimed at promoting greater access to affordable, high-quality healthcare.

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